Winnipeg, MB, March 28, 2022 /CNW/ – Marwest Apartment Real Estate Investment Trust (“Marwest Apartment REIT” or the “REIT“) (TSXV: MAR.UN) announces that it has filed a letter of intent to bid on the issuer of a normal price (“NCIB“) with the TSX Venture Exchange (the “TSXV“), allowing the REIT to purchase outstanding trust interests of the REIT (“units“). Implementation of the NCIB remains subject to approval by the TSXV.
The REIT plans to implement the NCIB because it believes that from time to time the market price of the units may not fully reflect the underlying value of the REIT’s business and its future prospects. Accordingly, the REIT believes that the opportunity to purchase the shares is in the interest of the REIT and represents an opportunity to increase shareholder value.
Under the NCIB, if approved by the TSXV, the REIT may acquire up to a total of 787,956 units over the 12 month period beginning on March 31, 2022 and ends up March 30, 2023representing approximately 10.0% of the “public float” (calculated in accordance with the guidelines of the TSXV) as of the date March 31, 2022. Additionally, according to the NCIB, the REIT may acquire no more than 2% of the issued and outstanding shares in any 30-day period. Purchases governed by the NCIB will be made in open market transactions through the facilities of the TSXV and alternative trading systems or otherwise permitted by applicable securities laws during the life of the NCIB at the prevailing market price for the units at the time of purchase. Any shares purchased by the REIT under the NCIB will be returned to the Treasury and cancelled. The actual number of shares that may be purchased under NCIB and the timing of purchases will be determined by the REIT’s management and board of trustees. The NCIB is managed by Canaccord Genuity Corp. (“Canaccord”), a member of the TSXV, and prepared in accordance with the policies of the TSXV. All NCIB purchases are funded from the REIT’s working capital.
In conjunction with the NCIB, the REIT has entered into an Automatic Share Purchase Plan (“AUPP”) with Canaccord as the designated agent. The AUPP provides Canaccord with a set of standard instructions to make purchases under the NCIB in accordance with the limits and other conditions set forth in the AUPP. Canaccord will determine the timing of such purchases in its sole discretion based on the purchase parameters set by the Marwest Apartment REIT and subject to the policies of the TSXV, applicable securities laws and the terms of the AUPP.
To the best of Marwest Apartment REIT’s knowledge, none of the trustees, officers or other insiders of the REIT, or any employee of any such person, or any employee of any affiliate of the REIT, has any present intention to sell any interest in the REIT pursuant to the NCIB. Marwest Apartment REIT has not yet purchased any of its outstanding units for termination.
A copy of the REIT’s notice relating to the NCIB filed with the TSXV may be obtained by any Shareholder free of charge by contacting the REIT’s Chief Executive Officer, William Martens by phone at 204-947-1200 or email at [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Shares in any state or jurisdiction in which such offer, solicitation or sale prior to registration or qualification would be unlawful under the securities laws of such state or jurisdiction.
About Marwest Apartments REIT
The REIT is an unincorporated open trust governed by the laws of the province of Manitoba. The REIT was formed to provide unitholders with an opportunity to invest in Canada’s rental multifamily sector through ownership of quality, high-yield real estate, with an initial focus on consistently stable markets Western Canada.
The information in this press release includes certain information and statements about management’s beliefs about future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based on assumptions that involve significant risks and uncertainties. Because of these risks and uncertainties, and a variety of factors, actual results, expectations, achievements or performance could differ materially from those anticipated and indicated in these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, the REIT’s intention to purchase units at an issuer’s normal asking price. A number of factors could cause actual results to differ materially from these forward-looking statements. The execution of a normal issuer offering depends on a number of factors, including but not limited to the REIT’s financial performance, financial condition and financial requirements. Although the REIT’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the expectations reflected in the forward-looking statements will prove to be correct. Except as required by law, the REIT disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, or changes in factors affecting them Affect the future -statements or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
The Shares have not been registered under, and may not be offered or sold under, the United States Securities Act of 1933, as amended (the “US Securities Act”) The United States or to or for the account or benefit of any US person, except for certain transactions that are exempt from the registration requirements of the US Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the REIT The United States or in any other jurisdiction.
SOURCE Marwest Apartment Real Estate Investment Trust
For more information: Mr. William Martens, Chief Executive Officer, Marwest Apartment Real Estate Investment Trust, (204)-947-1200